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Investment Report 06-30-2018
CITY OF CHANHASSEN Reid Christianson 06/29/2018 Confidential-For Discussion and General Information Purposes Only Summary Par Value ($000):$30,817 Portfolio Market Yield:2.00 12 Mo Book Income ($000):$418 Mkt Val w/accrd ($000):$30,839 Portfolio Book Yield:1.65 12 Mo Cash Flow ($000):$14,443 Wtg Avg. Mat (Years):1.77 Book Value ($000):$30,903 12 Mo Mat Cash Flow ($000):$13,930 Effective Duration:1.59 Unr Gain/(Loss) ($000):($219)12 Mo Call Cash Flow ($000):$0 Convexity:-0.02 % Portfolio Callable:9.20 12 Mo Int Income ($000):$512 % Portfolio Floating Rate:0.00 Avg. Coupon (%):1.77 12 Mo Amort Prem/Disc ($000):($26) Number of Bonds:73 Avg. Mkt Price ($):99.63 Current Accrued Interest ($000):$154 ($000)% of Portfolio % of Portfolio % of Portfolio % of Portfolio % of Portfolio Cash Flow Distribution Duration Distribution Coupon Distribution Summary Characteristics Performance Characteristics Cash Flow Characteristics Sector Distribution S&P Long-Term Ratings Distribution Moody Long-Term Ratings Distribution 0 10 20 30 40 50 60 70 80 90 100 AAA AA N/A 0 10 20 30 40 50 60 70 80 90 100 Aaa Aa N/A 0 10 20 30 40 50 60 70 80 90 100 5,902 1,861 6,679 10,462 4,937 1,854 612 . 2,000 4,000 6,000 8,000 10,000 12,000 1M 1-3M 3-12M 1-3YR 3-5YR 5-7YR 7+YR 45 33 11 8 2 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 2.99 3.00 - 3.99 4.00 - 5.99 6.00 - 7.99 22 34 24 12 4 4 0 10 20 30 40 50 60 70 80 90 100 0.00 - 0.99 1.00 - 1.99 2.00 - 2.99 3.00 - 3.99 4.00 - 4.99 5.00 - 5.99 2 Year Cash Flow Interest Principal Prepay Total Cumulative Run - Off Run - Off Date Interest ($)Call ($)Maturity ($)MBS($)MBS($)MBS($)Cash Flow($)Cash Flow($)Mkt YTW (%)Book Yld (%) Jul-18 48,314 0 5,854,178 0 0 0 5,902,492 5,902,492 0.67 0.59 Aug-18 89,762 0 500,000 0 0 0 589,762 6,492,254 1.92 1.00 Sep-18 29,800 0 1,241,000 0 0 0 1,270,800 7,763,054 2.18 1.28 Oct-18 34,275 0 492,000 0 0 0 526,275 8,289,329 2.03 1.45 Nov-18 24,501 0 807,000 0 0 0 831,501 9,120,831 1.99 1.43 Dec-18 54,174 0 322,000 0 0 0 376,174 9,497,004 1.86 2.00 Jan-19 14,184 0 325,000 0 0 0 339,184 9,836,188 0.56 1.80 Feb-19 82,351 0 2,905,000 0 0 0 2,987,351 12,823,539 0.83 1.66 Mar-19 32,573 0 744,000 0 0 0 776,573 13,600,112 2.28 1.59 Apr-19 33,354 0 0 0 0 0 33,354 13,633,466 0.00 0.00 May-19 19,135 0 491,000 0 0 0 510,135 14,143,602 2.37 2.16 Jun-19 49,913 0 249,000 0 0 0 298,913 14,442,515 2.37 1.15 Jul-19 10,038 0 0 0 0 0 10,038 14,452,553 0.00 0.00 Aug-19 46,693 0 988,000 0 0 0 1,034,693 15,487,246 2.41 2.09 Sep-19 31,373 0 500,000 0 0 0 531,373 16,018,619 2.45 1.15 Oct-19 33,116 0 1,633,000 0 0 0 1,666,116 17,684,735 2.49 1.67 Nov-19 10,846 0 560,000 0 0 0 570,846 18,255,580 2.71 1.80 Dec-19 49,665 0 701,000 0 0 0 750,665 19,006,245 2.48 1.69 Jan-20 9,779 0 500,000 0 0 0 509,779 19,516,024 2.52 1.55 Feb-20 36,122 0 249,000 0 0 0 285,122 19,801,146 2.68 2.56 Mar-20 27,709 0 200,000 0 0 0 227,709 20,028,855 1.99 1.40 Apr-20 16,437 0 0 0 0 0 16,437 20,045,292 0.00 0.00 May-20 10,057 0 1,020,000 0 0 0 1,030,057 21,075,349 2.37 1.25 Jun-20 44,537 0 1,490,000 0 0 0 1,534,537 22,609,886 2.54 1.50 Totals:838,708 0 21,771,178 0 0 0 22,609,886 Monthly Cash Flows & Run-off Book Yield 0.00 0.50 1.00 1.50 2.00 2.50 3.00 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Interest ($)Call ($)Maturity ($)Book Yld (%) Sector Par Avg Cpn Avg Mat Mkt Price Mkt Val Book Unr.Gain/Loss Port Mkt YTW Book Yld Eff. Sector ($000)Moody S&P (%)(Yrs)($)($000)Price ($000)(%) (%)(%)Duration Conv. Govt 10,573 Aaa AA+1.47 2.54 98.19 10,381 99.53 (142)33.77 2.63 1.90 2.18 (0.12) CD 6,423 N/A N/A 1.84 1.13 99.40 6,385 100.00 (38)20.77 2.39 1.84 1.09 0.01 MMF 5,366 N/A N/A 0.52 0.00 100.00 5,366 100.00 (0)17.49 0.52 0.52 0.00 0.00 MUNI 8,455 Aa1 AA+2.90 2.41 101.15 8,552 101.60 (38)27.96 1.88 1.90 2.24 0.05 Total:30,817 Aaa AA+1.77 1.77 99.57 30,684 100.28 (219)100.00 2.00 1.65 1.59 (0.02) 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 0 0 0.00 0.00 0.00 0.00 0.00 0 0.00 0 0.00 0.00 0.00 0.00 0.00 Ratings Positions by Sector tandard Holdings Sector CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000) Port (%) Mkt YTW(%) Bk Yield(%)Eff Dur Conv 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.94 240 100.00 (0)0.78 1.89 1.20 0.08 0.00 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.85 499 100.00 (1)1.62 1.92 1.00 0.16 0.00 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 98.69 1,140 98.86 (2)3.70 2.26 1.95 0.59 0.00 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 99.57 498 99.97 (2)1.62 2.31 1.70 0.66 0.00 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.42 492 100.00 (8)1.60 2.45 1.15 1.22 0.01 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.80 618 97.71 (6)2.00 2.53 1.80 1.28 0.01 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA N/A 92.56 08/05/2015 96.26 539 97.49 (7)1.75 2.71 1.80 1.40 0.01 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 98.56 493 100.00 (7)1.61 2.52 1.55 1.49 0.02 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+05/18/2018 100.00 05/18/2016 97.83 489 100.00 (11)1.59 2.58 1.40 1.82 0.00 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 97.69 488 100.80 (16)1.58 2.60 0.96 1.91 0.02 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 97.31 487 100.54 (16)1.58 2.70 1.26 2.25 0.03 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 93.21 727 96.27 (24)2.36 2.78 1.50 2.52 0.04 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 104.56 627 107.62 (18)2.04 2.91 2.01 3.21 0.06 3134GAQ31 FEDERAL HOME LN MTG CORP 2.15 01/26/2022 500 Aaa AA+07/26/2018 99.95 11/14/2017 97.62 488 99.96 (12)1.60 2.85 2.16 2.87 (0.41) 3134GBH39 FEDERAL HOME LN MTG CORP 2.05 09/29/2022 1,000 Aaa AA+09/29/2018 97.01 06/29/2018 96.90 969 97.01 (1)3.16 2.83 2.80 3.55 (0.34) 313383YJ4 FEDERAL HOME LOAN BANKS 3.38 09/08/2023 205 Aaa AA+N/A 102.53 06/20/2018 102.45 210 102.51 (0)0.69 2.86 2.85 4.70 0.13 3133EJQA0 FEDERAL FARM CR BKS 3.00 10/23/2023 500 Aaa AA+N/A 100.59 06/20/2018 100.55 503 100.59 (0)1.64 2.89 2.88 4.87 0.14 3130ABLN4 FEDERAL HOME LOAN BANKS 2.50 06/28/2024 345 Aaa AA+06/28/2019 100.00 10/11/2017 96.62 333 100.00 (12)1.08 3.12 2.50 4.58 (0.61) 3133EJBN8 FEDERAL FARM CR BKS 3.00 02/05/2025 550 Aaa AA+02/05/2019 98.39 06/21/2018 98.40 541 98.39 0 1.78 3.27 3.27 3.81 (1.35) Govt 1.47 01/09/2021 10,573 98.19 10,381 99.53 (142)33.77 2.63 1.90 2.18 (0.12) 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 100.00 248 100.00 (0)0.81 2.90 1.60 0.01 0.00 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 99.95 249 100.00 (0)0.81 1.62 1.35 0.18 0.00 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.86 246 100.00 (0)0.80 1.97 1.35 0.23 0.00 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.86 246 100.00 (0)0.80 2.00 1.41 0.25 0.00 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.84 246 100.00 (0)0.80 2.03 1.45 0.28 0.00 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 99.84 246 100.00 (0)0.80 2.02 1.45 0.30 0.00 06426WUU4 BANK OF CHINA NEW YORK CITY 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.78 245 100.00 (1)0.80 2.09 1.52 0.38 0.00 61747MB42 MORGAN STANLEY BK N A UTAH 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.78 245 100.00 (1)0.80 2.09 1.52 0.38 0.00 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 99.96 247 100.00 (0)0.80 2.09 2.00 0.45 0.00 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 99.54 248 100.00 (1)0.80 2.27 1.61 0.70 0.00 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 99.51 248 100.00 (1)0.80 2.28 1.61 0.72 0.00 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.46 245 100.00 (1)0.79 2.28 1.55 0.73 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 99.66 246 100.00 (1)0.80 2.38 2.00 0.86 0.01 06279KKW5 BANK OF INDIA NEW YORK BRANC 2.30 05/22/2019 244 N/A N/A 100.00 05/24/2018 99.96 244 100.00 (0)0.79 2.36 2.32 0.89 0.01 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 98.81 246 100.00 (3)0.80 2.37 1.15 0.98 0.01 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.51 246 100.00 (1)0.80 2.55 2.10 1.09 0.01 2.547E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.63 246 100.00 (1)0.80 2.44 2.10 1.09 0.01 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 99.99 247 100.00 (0)0.81 2.06 2.05 1.10 0.01 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 99.49 246 100.00 (1)0.80 2.56 2.10 1.11 0.01 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 99.43 246 100.00 (1)0.80 2.59 2.20 1.45 0.01 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.07 244 100.00 (5)0.79 2.58 1.25 1.46 0.01 410493DD9 HANMI BK LOS ANGELES CALIF 2.55 02/25/2020 249 N/A N/A 100.00 05/25/2018 99.81 249 100.00 (0)0.81 2.68 2.56 1.61 0.02 02007GCV3 ALLY BK MIDVALE UTAH 2.90 05/24/2021 246 N/A N/A 100.00 05/24/2018 99.77 245 100.00 (1)0.80 2.98 2.90 2.76 0.05 14042RJJ1 CAPITAL ONE NATL ASSN VA 2.15 10/12/2021 247 N/A N/A 100.00 10/12/2017 97.24 240 100.00 (7)0.78 3.04 2.15 3.13 0.06 05580AKQ6 BMW BK NORTH AMER SALT LAKE 2.05 10/13/2021 247 N/A N/A 100.00 10/13/2017 96.93 239 100.00 (8)0.78 3.04 2.05 3.14 0.06 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 98.79 243 100.00 (3)0.79 2.92 2.55 3.30 0.06 CD 1.84 08/15/2019 6,423 99.40 6,385 100.00 (38)20.77 2.39 1.84 1.09 0.01 0006CHAN6 BMO HARRIS BANK 0.00 06/30/2018 3,751 N/A N/A 100.00 06/01/2018 100.00 3,751 100.00 0 12.16 0.00 0.00 0.00 0.00 0008CHAN2 NORTHLAND 1.03 06/30/2018 8 N/A N/A 100.00 06/01/2018 100.00 8 100.00 0 0.03 1.03 1.03 0.00 0.00 0003CHAN3 WF 1.72 06/30/2018 1,608 N/A N/A 100.00 06/01/2018 100.00 1,608 100.00 0 5.30 1.71 1.72 0.00 0.00 006CHAN78 PMA-4M Fund 1.23 07/06/2018 0 N/A N/A 100.00 06/01/2018 0.00 0 100.00 (0)0.00 0.00 1.25 0.00 0.00 MMF 0.52 06/30/2018 5,366 100.00 5,366 100.00 (0)17.49 0.52 0.52 0.00 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.77 499 100.03 (1)1.62 2.65 1.15 0.17 0.00 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 315 Aaa AAA N/A 100.94 11/05/2015 99.93 315 100.11 (1)1.02 1.83 1.30 0.34 0.00 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 100.36 75 100.00 0 0.24 1.13 2.00 0.42 0.00 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 325 Aa1 AA+N/A 100.00 12/22/2016 100.62 327 100.00 2 1.07 0.56 1.80 0.50 0.00 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 100.64 503 101.23 (3)1.65 2.40 1.40 0.58 0.00 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 102.72 6 0.79 (3.39)1.10 0.59 0.00 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 102.51 16 1.84 (3.39)1.45 0.59 0.00 882722J69 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 106.62 06/24/2015 100.90 1,004 101.99 (11)3.28 2.46 1.58 1.22 0.01 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+N/A 100.00 05/14/2015 99.10 203 100.00 (2)0.66 2.23 1.60 1.43 0.01 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 100.99 (2)0.65 1.99 1.40 1.63 0.02 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.07 (10)1.66 2.16 1.11 1.80 0.02 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 100.43 492 102.08 (8)1.60 2.27 1.40 1.87 0.02 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 98.87 494 100.00 (6)1.61 2.76 2.15 1.87 0.02 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.74 9 1.35 1.85 2.70 2.47 0.04 161664HA8 CHASKA MINN TAXABLE GO BDS 1.95 02/01/2021 140 N/A AA N/A 100.00 11/29/2017 98.29 138 100.00 (2)0.45 2.64 1.95 2.48 0.04 161664HB6 CHASKA MINN TAXABLE GO BDS 2.10 02/01/2022 140 N/A AA N/A 100.00 11/29/2017 97.88 137 100.00 (3)0.45 2.72 2.10 3.39 0.07 809557BA8 SCOTT CNTY MINN CMNTY DEV A 2.35 02/01/2022 120 N/A AA+N/A 100.00 12/28/2017 98.24 118 100.00 (2)0.39 2.87 2.35 3.38 0.07 60375BDC7 MINNEAPOLIS MINN TAXABLE GO 5.00 12/01/2022 370 N/A AAA N/A 108.14 05/31/2018 108.05 400 108.00 0 1.30 3.04 3.05 3.97 0.09 161664HC4 CHASKA MINN TAXABLE GO BDS 2.25 02/01/2023 145 N/A AA N/A 100.00 11/29/2017 97.48 141 100.00 (4)0.46 2.84 2.25 4.27 0.11 092765EW2 BLAINE MINN TAXABLE GO IMPT 2.25 02/01/2023 395 N/A AA+N/A 100.00 12/05/2017 97.61 386 100.00 (9)1.27 2.81 2.25 4.27 0.11 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.18 516 103.64 (2)1.69 2.35 2.25 4.22 0.10 809557BB6 SCOTT CNTY MINN CMNTY DEV A 2.50 02/01/2023 120 N/A AA+N/A 100.00 12/28/2017 97.93 118 100.00 (2)0.39 2.99 2.50 4.25 0.11 Positions by Sector tandard Holdings Sector CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000) Port (%) Mkt YTW(%) Bk Yield(%)Eff Dur Conv 161664HD2 CHASKA MINN TAXABLE GO BDS 2.40 02/01/2024 150 N/A AA N/A 100.00 11/29/2017 97.15 146 100.00 (4)0.48 2.96 2.40 5.12 0.15 4095585H2 HAMPTON VA GO PUB IMPT REF 4.00 09/01/2025 600 Aa1 AA+N/A 104.44 06/27/2018 104.66 628 104.43 1 2.04 3.27 3.30 6.23 0.23 MUNI 2.90 11/26/2020 8,455 101.15 8,552 101.60 (38)27.96 1.88 1.90 2.24 0.05 Total: 1.77 04/04/2020 30,817 99.57 30,684 100.28 (219)100.00 2.00 1.65 1.59 (0.02) Positions by Maturity T cl. Table 2 Hldgs M CUSIP Issuer Cpn (%)Maturity Par ($000)Moody's S&P Call Date Acq Price($)Acq Date Mkt Price($) Mkt Val ($000)Bk Price($) Gain/Loss ($000)Port (%) Mkt YTW(%) Book Yield(%)Eff Dur Conv 0003CHAN3 WF 1.72 06/30/2018 1,608 N/A N/A 100.00 06/01/2018 100.00 1,608 100.00 0 5.30 1.71 1.72 0.00 0.00 0006CHAN6 BMO HARRIS BANK 0.00 06/30/2018 3,751 N/A N/A 100.00 06/01/2018 100.00 3,751 100.00 0 12.16 0.00 0.00 0.00 0.00 0008CHAN2 NORTHLAND 1.03 06/30/2018 8 N/A N/A 100.00 06/01/2018 100.00 8 100.00 0 0.03 1.03 1.03 0.00 0.00 140420SU5 CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 248 N/A N/A 100.00 07/01/2015 100.00 248 100.00 (0)0.81 2.90 1.60 0.01 0.00 006CHAN78 PMA-4M Fund 1.23 07/06/2018 0 N/A N/A 100.00 06/01/2018 0.00 0 100.00 (0)0.00 0.00 1.25 0.00 0.00 3134G3ZK9 FEDERAL HOME LN MTG CORP 1.20 07/30/2018 240 Aaa AA+N/A 100.00 07/30/2012 99.94 240 100.00 (0)0.78 1.89 1.20 0.08 0.00 3134GADJ0 FEDERAL HOME LN MTG CORP 1.00 08/28/2018 500 Aaa AA+N/A 100.00 08/30/2016 99.85 499 100.00 (1)1.62 1.92 1.00 0.16 0.00 591852UX4 METROPOLITAN COUNCIL MINN M 1.30 09/01/2018 500 Aaa AAA N/A 100.36 03/18/2016 99.77 499 100.03 (1)1.62 2.65 1.15 0.17 0.00 204163BU2 COMMUNITYONE BK N A NC 1.35 09/04/2018 249 N/A N/A 100.00 09/04/2015 99.95 249 100.00 (0)0.81 1.62 1.35 0.18 0.00 45083AGR7 IBERIABANK LAFAYETTE LA 1.35 09/21/2018 246 N/A N/A 100.00 06/21/2017 99.86 246 100.00 (0)0.80 1.97 1.35 0.23 0.00 31927LAC2 FIRST BK OWASSO OKLA 1.40 09/28/2018 246 N/A N/A 100.00 06/29/2017 99.86 246 100.00 (0)0.80 2.00 1.41 0.25 0.00 87164DKL3 SYNOVUS BK COLUMBUS GA 1.45 10/11/2018 246 N/A N/A 100.00 07/11/2017 99.84 246 100.00 (0)0.80 2.03 1.45 0.28 0.00 20364ACC7 COMMUNITY FINL SVCS BK KY 1.45 10/16/2018 246 N/A N/A 100.00 08/16/2017 99.84 246 100.00 (0)0.80 2.02 1.45 0.30 0.00 196479WW5 COLORADO HSG & FIN AUTH TAX 1.62 11/01/2018 315 Aaa AAA N/A 100.94 11/05/2015 99.93 315 100.11 (1)1.02 1.83 1.30 0.34 0.00 61747MB42 MORGAN STANLEY BK N A UTAH 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.78 245 100.00 (1)0.80 2.09 1.52 0.38 0.00 06426WUU4 BANK OF CHINA NEW YORK CITY 1.50 11/16/2018 246 N/A N/A 100.00 11/16/2017 99.78 245 100.00 (1)0.80 2.09 1.52 0.38 0.00 161664DW4 CHASKA MINN GO TAX INCR REF 2.00 12/01/2018 75 N/A AA N/A 100.00 08/15/2013 100.36 75 100.00 0 0.24 1.13 2.00 0.42 0.00 795450RT4 SALLIE MAE BK SLT LAKE CITY 2.00 12/11/2018 247 N/A N/A 100.00 12/11/2013 99.96 247 100.00 (0)0.80 2.09 2.00 0.45 0.00 60416SSG6 MINNESOTA ST HSG FIN AGY FO 1.80 01/01/2019 325 Aa1 AA+N/A 100.00 12/22/2016 100.62 327 100.00 2 1.07 0.56 1.80 0.50 0.00 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 525 Aa2 N/A 108.76 01/04/2017 105.49 554 102.51 16 1.84 (3.39)1.45 0.59 0.00 31358BAA6 FEDERAL NATL MTG ASSN PRIN S 0.00 02/01/2019 1,155 Aaa AA+N/A 91.43 06/19/2014 98.69 1,140 98.86 (2)3.70 2.26 1.95 0.59 0.00 373385BL6 GEORGIA ST GO BDS 2017 B 3.50 02/01/2019 500 Aaa AAA N/A 103.18 07/18/2017 100.64 503 101.23 (3)1.65 2.40 1.40 0.58 0.00 279533TN3 EDEN PRAIRIE MINN INDPT SCH 5.75 02/01/2019 225 Aa2 N/A 112.62 04/26/2016 105.49 237 102.72 6 0.79 (3.39)1.10 0.59 0.00 3136FTR68 FEDERAL NATL MTG ASSN 1.65 02/28/2019 500 Aaa AA+N/A 99.68 03/05/2012 99.57 498 99.97 (2)1.62 2.31 1.70 0.66 0.00 20033AXA9 COMENITY CAP BK UTAH 1.60 03/15/2019 249 N/A N/A 100.00 09/15/2017 99.54 248 100.00 (1)0.80 2.27 1.61 0.70 0.00 149159LH6 CATHAY BK LOS ANGEL CALIF 1.60 03/25/2019 249 N/A N/A 100.00 09/25/2017 99.51 248 100.00 (1)0.80 2.28 1.61 0.72 0.00 51210SND5 LAKESIDE BK CHICAGO ILL 1.55 03/29/2019 246 N/A N/A 100.00 06/30/2017 99.47 245 100.00 (1)0.79 2.28 1.55 0.73 0.01 38147JZT2 GOLDMAN SACHS BK USA NY 2.00 05/14/2019 247 N/A N/A 100.00 05/14/2014 99.66 246 100.00 (1)0.80 2.38 2.00 0.86 0.01 06279KKW5 BANK OF INDIA NEW YORK BRANC 2.30 05/22/2019 244 N/A N/A 100.00 05/24/2018 99.96 244 100.00 (0)0.79 2.36 2.32 0.89 0.01 59013JQY8 MERRICK BK SOUTH JORDAN UTAH 1.15 06/28/2019 249 N/A N/A 100.00 06/29/2016 98.81 246 100.00 (3)0.80 2.37 1.15 0.98 0.01 2.54671E+13 DISCOVER BK GREENWOOD DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.63 246 100.00 (1)0.80 2.44 2.10 1.09 0.01 06740KHS9 BARCLAYS BK DEL 2.10 08/13/2019 247 N/A N/A 100.00 08/13/2014 99.51 246 100.00 (1)0.80 2.55 2.10 1.09 0.01 02587CAT7 AMERICAN EXP FED SVGS BK INS 2.05 08/14/2019 247 N/A N/A 100.00 08/14/2014 99.99 247 100.00 (0)0.81 2.06 2.05 1.10 0.01 628779FN5 NBT BK NA NORWICH NY 2.10 08/20/2019 247 N/A N/A 100.00 08/20/2014 99.49 246 100.00 (1)0.80 2.56 2.10 1.11 0.01 3136G4BB8 FEDERAL NATL MTG ASSN 1.15 09/27/2019 500 Aaa AA+N/A 100.00 09/30/2016 98.42 492 100.00 (8)1.60 2.45 1.15 1.22 0.01 882722J69 TEXAS ST TAXABLE GO REF BDS 3.19 10/01/2019 995 Aaa AAA N/A 106.62 06/24/2015 100.90 1,004 101.99 (11)3.28 2.46 1.58 1.22 0.01 76116FAA5 RESOLUTION FDG FED BK PRIN S 0.00 10/15/2019 638 Aaa AA+N/A 91.69 12/10/2014 96.80 618 97.71 (6)2.00 2.53 1.80 1.28 0.01 313400BV4 FEDERAL HOME LN MTG CORP 0.00 11/29/2019 560 Aaa AA N/A 92.56 08/05/2015 96.26 539 97.49 (7)1.75 2.71 1.80 1.40 0.01 742617CD3 PRIOR LAKE MINN TAXABLE GO 1.60 12/15/2019 205 Aa2 AA+N/A 100.00 05/14/2015 99.10 203 100.00 (2)0.66 2.23 1.60 1.43 0.01 17284C6R0 CIT BK SALT LAKE CITY UT 2.20 12/24/2019 247 N/A N/A 100.00 12/24/2014 99.43 246 100.00 (1)0.80 2.59 2.20 1.45 0.01 57116AMC9 MARLIN BUSINESS BK SALT LAKE 1.25 12/27/2019 249 N/A N/A 100.00 06/29/2016 98.07 244 100.00 (5)0.79 2.58 1.25 1.46 0.01 3133EG3J2 FEDERAL FARM CR BKS 1.55 01/10/2020 500 Aaa AA+N/A 100.00 01/10/2017 98.56 493 100.00 (7)1.61 2.52 1.55 1.49 0.02 410493DD9 HANMI BK LOS ANGELES CALIF 2.55 02/25/2020 249 N/A N/A 100.00 05/25/2018 99.81 249 100.00 (0)0.81 2.68 2.56 1.61 0.02 678519UC1 OKLAHOMA CITY OKLA FOR ISSU 2.00 03/01/2020 200 Aaa AAA N/A 102.21 05/17/2016 100.01 200 100.99 (2)0.65 1.99 1.40 1.63 0.02 97705MDS1 WISCONSIN ST FOR ISSUES DTD 1.15 05/01/2020 520 Aa2 AA N/A 100.15 07/28/2016 98.19 511 100.07 (10)1.66 2.16 1.11 1.80 0.02 3130A7ZT5 FEDERAL HOME LOAN BANKS 1.40 05/18/2020 500 Aaa AA+05/18/2018 100.00 05/18/2016 97.83 489 100.00 (11)1.59 2.58 1.40 1.82 0.00 64966LN56 NEW YORK N Y TAXABLE GO BDS 2.15 06/01/2020 500 Aa2 AA N/A 100.00 06/18/2015 98.87 494 100.00 (6)1.61 2.76 2.15 1.87 0.02 150528LV7 CEDAR RAPIDS IOWA TAXABLE G 2.50 06/01/2020 490 Aa1 N/A 104.42 04/07/2016 100.43 492 102.08 (8)1.60 2.27 1.40 1.87 0.02 3133834H1 FEDERAL HOME LOAN BANKS 1.38 06/12/2020 500 Aaa AA+N/A 101.60 07/08/2016 97.69 488 100.80 (16)1.58 2.60 0.96 1.91 0.02 3136G0R60 FEDERAL NATL MTG ASSN 1.50 10/22/2020 500 Aaa AA+N/A 100.94 10/11/2016 97.31 487 100.55 (16)1.58 2.70 1.26 2.25 0.03 76116FAG2 RESOLUTION FDG FED BK PRIN S 0.00 01/15/2021 780 Aaa AA+N/A 93.14 04/14/2016 93.21 727 96.27 (24)2.36 2.78 1.50 2.52 0.04 113835H54 BROOKLYN CENTER MINN GO TAX 3.00 02/01/2021 400 N/A AA N/A 101.88 01/24/2014 102.89 412 100.74 9 1.35 1.85 2.70 2.47 0.04 161664HA8 CHASKA MINN TAXABLE GO BDS 1.95 02/01/2021 140 N/A AA N/A 100.00 11/29/2017 98.29 138 100.00 (2)0.45 2.64 1.95 2.48 0.04 02007GCV3 ALLY BK MIDVALE UTAH 2.90 05/24/2021 246 N/A N/A 100.00 05/24/2018 99.77 245 100.00 (1)0.80 2.98 2.90 2.76 0.05 14042RJJ1 CAPITAL ONE NATL ASSN VA 2.15 10/12/2021 247 N/A N/A 100.00 10/12/2017 97.24 240 100.00 (7)0.78 3.04 2.15 3.13 0.06 05580AKQ6 BMW BK NORTH AMER SALT LAKE 2.05 10/13/2021 247 N/A N/A 100.00 10/13/2017 96.93 239 100.00 (8)0.78 3.04 2.05 3.14 0.06 742651DJ8 PRIVATE EXPT FDG CORP 4.30 12/15/2021 600 Aaa AA+N/A 114.14 04/29/2015 104.56 627 107.62 (18)2.04 2.91 2.01 3.21 0.06 87165HFH8 SYNCHRONY BANK 2.55 12/20/2021 246 N/A N/A 100.00 12/19/2014 98.79 243 100.00 (3)0.79 2.92 2.55 3.30 0.06 3134GAQ31 FEDERAL HOME LN MTG CORP 2.15 01/26/2022 500 Aaa AA+07/26/2018 99.95 11/14/2017 97.62 488 99.96 (12)1.60 2.85 2.16 2.87 (0.41) 161664HB6 CHASKA MINN TAXABLE GO BDS 2.10 02/01/2022 140 N/A AA N/A 100.00 11/29/2017 97.88 137 100.00 (3)0.45 2.72 2.10 3.39 0.07 809557BA8 SCOTT CNTY MINN CMNTY DEV A 2.35 02/01/2022 120 N/A AA+N/A 100.00 12/28/2017 98.24 118 100.00 (2)0.39 2.87 2.35 3.38 0.07 3134GBH39 FEDERAL HOME LN MTG CORP 2.05 09/29/2022 1,000 Aaa AA+09/29/2018 97.01 06/29/2018 96.90 969 97.01 (1)3.16 2.83 2.80 3.55 (0.34) 60375BDC7 MINNEAPOLIS MINN TAXABLE GO 5.00 12/01/2022 370 N/A AAA N/A 108.14 05/31/2018 108.05 400 108.00 0 1.30 3.04 3.05 3.97 0.09 161664HC4 CHASKA MINN TAXABLE GO BDS 2.25 02/01/2023 145 N/A AA N/A 100.00 11/29/2017 97.48 141 100.00 (4)0.46 2.84 2.25 4.27 0.11 092765EW2 BLAINE MINN TAXABLE GO IMPT 2.25 02/01/2023 395 N/A AA+N/A 100.00 12/05/2017 97.61 386 100.00 (9)1.27 2.81 2.25 4.27 0.11 73723RSP9 PORTSMOUTH VA GO REF BDS 20 3.09 02/01/2023 500 Aa2 AA N/A 104.37 07/05/2017 103.18 516 103.64 (2)1.69 2.35 2.25 4.22 0.10 809557BB6 SCOTT CNTY MINN CMNTY DEV A 2.50 02/01/2023 120 N/A AA+N/A 100.00 12/28/2017 97.93 118 100.00 (2)0.39 2.99 2.50 4.25 0.11 313383YJ4 FEDERAL HOME LOAN BANKS 3.38 09/08/2023 205 Aaa AA+N/A 102.53 06/20/2018 102.45 210 102.51 (0)0.69 2.86 2.85 4.70 0.13 3133EJQA0 FEDERAL FARM CR BKS 3.00 10/23/2023 500 Aaa AA+N/A 100.59 06/20/2018 100.55 503 100.59 (0)1.64 2.89 2.88 4.87 0.14 161664HD2 CHASKA MINN TAXABLE GO BDS 2.40 02/01/2024 150 N/A AA N/A 100.00 11/29/2017 97.15 146 100.00 (4)0.48 2.96 2.40 5.12 0.15 3130ABLN4 FEDERAL HOME LOAN BANKS 2.50 06/28/2024 345 Aaa AA+06/28/2019 100.00 10/11/2017 96.62 333 100.00 (12)1.08 3.12 2.50 4.58 (0.61) 3133EJBN8 FEDERAL FARM CR BKS 3.00 02/05/2025 550 Aaa AA+02/05/2019 98.39 06/21/2018 98.40 541 98.39 0 1.78 3.27 3.27 3.81 (1.35) 4095585H2 HAMPTON VA GO PUB IMPT REF 4.00 09/01/2025 600 Aa1 AA+N/A 104.44 06/27/2018 104.66 628 104.43 1 2.04 3.27 3.30 6.23 0.23 T 1.77 04/04/2020 30,817 99.57 30,684 100.28 (219)100.00 2.00 1.65 1.59 (0.02) Alerts Actions Identifer Issuer Name Coupon Maturity Moodys From Moodys To Moodys Date S&P From S&P To S&P Date Fitch From Fitch To Fitch Date Sector Rating Actions:Watchlist/Outlook/Upgrades/Downgrades/Reinstated/Withdrawn/Confirmed/Initial Ratings UPGRADES:313400BV FEDERAL HOME LN MTG CORP 0.00 11/29/2019 N/A AA-AA 06/22/2018 N/A AGY-AGY 1AB29227 809557BA SCOTT CNTY MINN CMNTY DEV A 2.35 02/01/2022 N/A AA+AAA 04/04/2018 N/A GVT-LocalAuth-MN 1AB29227 809557BB SCOTT CNTY MINN CMNTY DEV A 2.50 02/01/2023 N/A AA+AAA 04/04/2018 N/A GVT-LocalAuth-MN 1AB29227 MATURING IN 4 WEEKS:0003CHAN WF 1.72 06/30/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0006CHAN BMO HARRIS BANK 0.00 06/30/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 0008CHAN NORTHLAND 1.03 06/30/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 006CHAN7 PMA-4M Fund 1.23 07/06/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-MMF 1AB29227 140420SU CAPITAL ONE BK USA NATL ASSN 1.60 07/02/2018 N/A N/A N/A N/A N/A N/A N/A N/A N/A MM-CD 1AB29227 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 Report shows called bonds, ca 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 0 0 0 0.00 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 1/0/1900 01/00/1900 0 * WATCHLIST: UPG/POS = Possible Upgrade; DNG/NEG Possible Downgrade; UNC/DEV/EVO = Uncertain (Possible Upgrade or Downgrade) Call Projection Flat Scenario Coupon Eff Projected Call Projected CUSIP Issuer Name (%)Maturity Dur Convex Par($)Date of Call No Calls Projected 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 0 0 0 1/0/1900 0 0 0 06/2018 History Total Par Unrealized Wtg Avg Effective Mkt. Avg.Benchmark Avg Bk Average Average # of Date ($000)G/L ($000)Life(Yrs)Duration Convexity YTW (%)Tsy Yld (%)Yld (%)Coupon(%)Price($)Moody S&P Positions 06/29/2018 30,817 (219)1.77 1.59 (0.02)2.00 2.28 1.65 1.77 99.63 Aaa AA+73 03/29/2018 25,872 (182)1.59 1.49 (0.00)1.81 2.11 1.48 1.61 99.62 Aaa AA+70 12/29/2017 31,196 (112)1.51 1.40 (0.02)2.21 1.69 1.36 1.49 99.94 Aaa AA+80 09/29/2017 29,667 (37)1.37 1.31 0.01 1.48 1.34 1.32 1.48 100.23 Aa1 AA+73 06/30/2017 28,201 (46)1.55 1.44 (0.03)1.45 1.30 1.36 1.47 100.05 Aa1 AA+69 03/31/2017 29,892 (54)1.68 1.51 (0.05)1.35 1.15 1.27 1.35 100.00 Aa1 AA+70 12/30/2016 33,126 (58)1.51 1.44 (0.00)1.18 0.95 1.11 1.22 100.02 Aa1 AA+67 Ratings Historical Performance 0.00 0.50 1.00 1.50 2.00 2.50 Jun-18Mar-18Dec-17Sep-17Jun-17Mar-17Dec-16 Avg Bk Yld(%)Avg Benchmark Tsy Yld(%) Rate Shock Avg Eff Market Mkt Value Change Mkt V w/o Accrd Int Yield Change Total Income Price Life Dur Convexity Value ($)w/o Accrd Int ($) Change - Instantaneous($) 30684407 -150 NaN NaN 1.20 0.80 0.76 0.01 NaN #VALUE!367,599 698,070 -100 NaN NaN 0.83 0.80 0.75 0.01 NaN #VALUE!255,294 480,211 -50 NaN NaN 0.57 1.00 0.89 (0.09)NaN #VALUE!176,128 245,475 0 NaN NaN 0.09 1.09 0.95 (0.05)NaN #VALUE!27,923 0 50 NaN NaN (0.41)1.08 0.99 (0.00)NaN #VALUE!(125,806)(248,237) 100 NaN NaN (0.91)1.06 0.99 0.01 NaN #VALUE!(278,308)(494,939) 150 NaN NaN (1.40)1.05 0.98 0.02 NaN #VALUE!(428,047)(737,039) Horizon (Mo):12 Reinv. Rate(%):2.07 Aged-Govt Spot Curve Parallel Shift Yield Curve Assumptions: ----------------------Return %----------------------Mkt Value Change w/Accrd Int ($) Portfolio Market Value Change - ($)Change in Effective Duration 0.00 0.25 0.50 0.75 1.00 1.25 -150 -100 -50 0 50 100 150(1,000,000) (800,000) (600,000) (400,000) (200,000) 0 200,000 400,000 600,000 800,000 -150 -100 -50 0 50 100 150 Mkt Value Change w/Accrd int($)Mkt Value Change w/o Accrd Int($)Mkt Value w/o Accrd Int Change-Instantaneous($) Important Disclosures Relating to Conflicts of Interest and Potential Conflicts of Interest Accuracy of Information About Wells Fargo Securities Copyright© 2018 Wells Fargo & Company SECURITIES: NOT FDIC:-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. 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